Report: $700 billion annually needed to curb climate change

The latest United Nations climate conference saw an extension of the Kyoto Protocol, which limits carbon emissions among developed nations. But disagreements over the extension caused some major economies to opt out of the agreement.

Canada, Japan, New Zealand and Russia opted out of the second phase of Kyoto over concerns that the agreement accomplishes nothing if big, developing carbon emitters, like China and India, are not also required to cut emissions. The U.S. never ratified it.

“Extreme weather events are going to happen in the future with or without more windmills, solar panels and weatherized homes,” Loris added. “The developing world isn’t interested in greening their economy, they’re interested in growing their economy and gaining access to affordable, reliable energy. This is why over 75 percent of new coal-fired power plants are being built in China and India alone.”

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